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Housing Supply Overview
February 2013

HSO Art Large

Let’s review what’s transpired over the past 12 months. For the 12-month period spanning March 2012 through February 2013, Pending Sales in the Twin Cities region were up 14.8 percent overall. The price range with the largest gain in sales was the $350,001 to $500,000 range, where they increased 42.7 percent.

The overall Median Sales Price was up 13.3 percent to $170,000. The property type with the largest price gain was the Condo segment, where prices increased 13.8 percent to $108,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 103 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 245 days.

Market-wide, inventory levels were down 31.6 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 28.9 percent. That amounts to 3.0 months supply for Single- Family Detached homes and 2.4 months supply for Townhomes and Twinhomes. See the PDF below for the full report.

HSO Feb 2013

As reported by the Minneapolis Area Association of Realtors

Interested in buying or selling real estate? Contact the Walsh Sisters.
We’d love to help you make your next move.

Ellen and Kate Walsh
612-220-3304
emwalsh@cbburnet.com

Coldwell Banker Burnet

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Weekly Real Estate Update
February 25, 2013

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Here’s an oldie but goodie: All Real Estate is Local. We’ve all heard it. This is why industry insiders don’t pay much attention to national housing statistics. The national housing market is just an agglomeration of local housing markets. You don’t grab an umbrella in Miami based on the weather forecast in Seattle. So why would someone in San Francisco base a home sale or purchase decision on market data from Boston? Here’s your data for your local housing market.

In the Twin Cities region, for the week ending February 16:

• New Listings decreased 4.9% to 1,196
• Pending Sales increased 7.9% to 916
• Inventory decreased 31.0% to 12,309

For the month of January:

• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 40.0% to 3.0

As reported by the Minneapolis Area Association of Realtors

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Ready to buy or sell a home? Call the sister team.
We’d love to help you move forward.

Ellen and Kate Walsh
Coldwell Banker Burnet
612.220.3304
emwalsh@cbburnet.com

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Weekly Real Estate Update
November 12, 2012


1.3 million. That’s how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration’s October Housing Scorecard. There’s more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of tax increases later. National GDP even benefits. When real estate is chugging along, things are good. And now, arguably more so than ever in the past four or five years, real estate is starting to chug again. It’s not at full speed yet, but the open track ahead beckons.

In the Twin Cities region, for the week ending November 3:
• New Listings decreased 1.0% to 1,125
• Pending Sales increased 25.3% to 930
• Inventory decreased 27.7% to 15,434

For the month of October:
• Median Sales Price increased 14.8% to $174,995
• Days on Market decreased 25.0% to 103
• Percent of Original List Price Received increased 3.5% to 94.4%
• Months Supply of Inventory decreased 41.0% to 3.7

As reported by the Minneapolis Area Association of Realtors

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.Ready to buy or sell a home? Call the sister team.
We’d love to help you move forward.

Ellen and Kate Walsh
Coldwell Banker Burnet
612.220.3304
emwalsh@cbburnet.com

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Weekly Photo Challenge: Blue

This week’s photo challenge on the The Daily Post is ‘Blue’. So many images come to mind with this word. The sky. Water. Cobalt blue glass. Pottery. Coldwell Banker Burnet real estate signs. The blue jay. Blueberries. Hydrangeas. Where to begin? Let‘s start here:

This, to me, is quintessential blue; the beloved blue jean.

A magazine cover depicting water and the word blue.

Lake Calhoun and the Minneapolis Skyline

A starlit background with a message.

Ready to buy or sell a home? Call us.

Ellen Walsh | 612.220.3304 | emwalsh@cbburnet.com

Kate Walsh | 612.220.3309 | info@designhouse9.com

 

Coldwell Banker Burnet
Minneapolis Lakes Office

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Weekly Real Estate Update
April 2, 2012


The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive care for the past several years. Monitoring vitals matters. The pulse of today’s market indicates that we may be getting ready to leave the ICU. So if you could just please pull up your sleeve, let’s check your blood pressure.

In the Twin Cities region, for the week ending March 24:
• New Listings increased 2.2% to 1,414
• Pending Sales increased 30.2% to 1,052
• Inventory decreased 27.3% to 17,193

For the month of February:
• Median Sales Price decreased 1.4% to $138,000
• Days on Market decreased 9.0% to 145
• Percent of Original List Price Received increased 2.5% to 90.6%
• Months Supply of Inventory decreased 34.8% to 4.7

As reported by the Minneapolis Area Association of Realtors.


Click on chart to view larger size.

Click on chart to view larger size.

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For more information on the market and your real estate needs,
contact the Real Estate team of Kate and Ellen Walsh.

Ellen Walsh
emwalsh@cbburnet.com
612.220.3304

Kate Walsh
info@designhouse9.com
612.220.3309

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A Feng Shui Perspective

A friend recently sent me a post about Whitney Houston’s home in New Jersey being for sale. I looked at the photos and had my usual REALTOR® curiosity about the house. I loved this stained-glass wall that appears to separate the foyer from the living room. The color and “movement” of the design reminds me of music–quite appropriate for the amazing musical talent that Whitney was.

Here’s a photo of what appears to be the living room, complete with circular skylight (wow!) and a curving wall of windows. Note also the clerestory to the right along the upper wall. The natural light in this space must be splendid.

The property reportedly has just over five acres of land. Here’s a view of the grounds. There are many trees, offering both beauty and tranquility. No doubt Whitney enjoyed many wonderful moments at this home and in her life despite her struggles.

Her modern home is said to be quite different from the other homes in Mendham Township. Most of the homes there are reportedly classic estates, historical homes, and farmhouses. As a REALTOR®,  I’ve seen modern homes sell very quickly when they are done exceptionally well or designed by a well-known architect such as Ralph Rapson. If they aren’t stunning, they can linger on the market due to feeling cold, having odd floor plans, having awkward and/or poorly proportioned rooms, etc.

I located some aerial photos of the property. There is a large pool, a tennis court, and a walking path. Here’s a link to a photo of the pool with her initials set in the bottom:

Photo of Whitney Houston’s Pool at her New Jersey estate

Unfortunately, the design has a helter-skelter aspect; It does not have the natural flow and orderliness of a rectangular or square house that would be beneficial. From a Feng Shui perspective, this home has a number of challenges due to what is known as “missing areas”. These “missing areas” symbolize missing areas of the bagua (a map placed over a floor plan and used in Feng Shui consultations), thus weakening these areas of life for the occupants. Anyone living in this home would benefit from making Feng Shui adjustments to either energetically or physically “fill in” the missing pieces.

The layout of this house may well explain Whitney’s addiction issues and subsequent problems with finances, relationships, and the decline of her magnificent singing voice which could no longer produce the perfect pitch and beautiful tonality it once did.

As I continued looking at the home from various angles, I noticed the heart-shaped portion of the house. It would be interesting to know what part of the house this occupies. The kitchen (often referred to as the heart of the home)? The main bedroom? No matter. From all I’ve read and seen, Whitney had a heart as big as her voice.

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This home is not currently listed on the MLS. Find more information here:

CarProperty.com

Here’s an article about a homeowner who hired Ralph Rapson to renovate her home in the Rolling Green neighborhood of Edina, Minnesota:

One Rapson Rhapsody

RapsonArchitects.com

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This post is courtesy of one of the lenders I utilize, Kate Wilson, of Fairway Independent Mortgage. She and her team work with all buyers and are especially knowledgeable about first-time buyer programs.
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Guest Author: Kate Wilson of Fairway Independent Mortgage

We have a magazine rack for our clients in our lobby. I was really hesitant to put out the September 6th edition of Time Magazine because the front cover read: Rethinking Homeownership: Why Owning a Home May no Longer Make Economic Sense.
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I can think of a lot of things that don’t make much economic sense but I sure wouldn’t put buying a house in that category. I have some pretty strong convictions about why homeownership is important and a lot of them start with common sense. I take the long-term view:
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There are tax advantages to homeownership that you don’t get when you rent. Once you have a fixed rate mortgage, the principal and interest payment will not change over time. Your rent will and you have no control over just how much those rent increases might be. Both the interest and the property taxes are deductible but only your landlord gets to deduct them when you rent.
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At the end of the day, a house is a forced savings account. If you pay all of the payments, at the end of the loan term, you own the asset. You can save yourself a lot of interest and get there faster by making one extra Principal and Interest Payment a year. It’ll take about 7 years off of a 30 year loan. If you pay rent for 30 years, your landlord will own the asset and use it to pay for his Long Term Care, not yours.
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Your mortgage should not outlive your retirement age even if you’re buying up. Mortgages come in terms of 10, 15, 20, 25, and 30 years. Consider this: If you’re buying up, keep your mortgage in sync with your overall financial plan and objectives. If you’re considering a move, take the age you want to retire and subtract from it your current age and see how much you’ll qualify for using that amortization period. There’s no prepayment penalty for first mortgages these days so even if you take out a 30-year mortgage to protect against a ‘what if’ scenario, figure out how much extra principal it takes to repay it according to your retirement timeline and just do it.
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Home equity lines of credit for vacations or the purchase of cars are a bad idea. You’ll be paying for that vacation long after the memories have faded. The car started to depreciate the minute you drove it off the lot and you’ll be paying for the old one even after it’s eligible for vintage plates.  In the meantime, you will probably have to buy another car and pay for it while you’re still paying for the trade in.
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The most common sense reason I can think of for homeownership has nothing to do with it making economic sense. When you own your home, you are free to make it fit your lifestyle and a reflection of who you are. Landlords call such changes ‘damages’ and keep your deposit or kick you out. If the landlord decides to sell and you have to move, you can lose years of accumulated emotional net worth.

Other than graduating from college, having my kids, and marrying my sweetheart, I can’t think of a better decision I’ve made in my life than becoming a home owner. Your thoughts?

Kate Wilson

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I agree with what Kate has written here which is why I asked her if she was agreeable to my posting her thoughts here. We’d both be interested to know your thoughts. Share them by adding a comment below. (The typeface color for Leave a Comment is green so it doesn’t stand out immediately but it’s at the end of the list of tag words at the bottom of this entry.)

Learn more about Kate Wilson and her team here: www.katewilson.com

Kate Walsh
REALTOR®
Lakes Area Realty
612.220.3309
info@designhouse9.com
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